Has the world tipped in 2015?

Keeping with the theme of this blog, I had to ask my self this question.

NASA, after much research believes that the earth tipped a bit in 2004 and then in 2011. The quakes in Indonesia and Japan being the cause. NASA does not believe that the shift in the axis is enough to cause 'Earth People' any worry. Yet, the Inuit tribe in Canada, that is grounded to nature have, without scientific research, told NASA that the tipped earth has given mankind a lot of reasons to worry about. Climate change caused by the shift, and it is more catastrophic than man's own contribution to global warming.

Well, here I am, enjoying a Mumbai morning without air conditioning or fan with the temperature in mid teens. And there in New York, my family is happily enjoying the mild winter with temperature in single and low double digits (Celsius). It's a different matter it traveled there to experience a white Christmas.

North England and Scotland are experiencing floods while this year India suffered a drought. Are these events connected? But of course, the weatherman blames it on El Nino and in turn global warming for causing such changes in the weather pattern. Thankfully, world leaders have taken note of the weatherman's accusations and realized that climate will probably end mankind much before Man does it on his own. They met in Paris just days after the terror bombing to reach a consensus on how not to voluntarily add to Mother Nature's own desire to commit suicide, as a mark of failure in dealing with the most destructive animal on this planet - us. COP21 was not exactly a success. We as a species love tragedy and this meet was no different from the environmentalists point of view. Who cares about the weather anyway. It is not entirely man made and now that we know that it's all the earth's own doing, there is not much we can do about it - so we think.

Well humans did do a lot in 2015 to actually tip the world. Most people I have spoken to have credited it to be a bad year, a forgettable year. Has 2015 been a forgettable year for you too? Personally, I would look at the year differently even though there are times that i feel that it's certainly not one that I would care to remember.

It started with Paris taking the center stage with Charlie Hedbo killing, and since then it has been a bad news factory in general.  The 'bad' events of the year have certainly crowded out what most of the world would call "good". It has not been a great year for the world or India. Politically, economically, socially, theologically, sportingly things have not been anything to write home about, unless blasts, bailouts, bankruptcy, bullying, beheading, bigotry, belligerence, bribery and other such B words appeals to someones sensibilities.

There are many who say that the events are a fore warnings of the end of the world as we know it. Funny that when Oil started climbing past an unimagined $100 a barrel, we all went screaming it's the end of the world. Now, equally unimagined, as oil keeps dropping and dropping, the scream is strangely no different. In fact, it's not just the sinking price of oil that has made people jump up and down in horror in 2015. Greece, China, Russia, Turkey, US Fed., ECB, and even Donald Trump have terrified the world as much as any terror group has, if not more. None of it brought the world to an end.

India too has been shaken by earthquakes and driven sick by a viral disease called "intolerance". I am told that it was always there within our system, but checked by our own nation's immunity system, which over time has weakened to let lose the epidemic. I on the other hand feel that it is great that we are becoming a nation of intolerant people, except, for the wrong reasons. I would love my fellow countrymen to be intolerant about corruption, filth on the street, lack of civic and road sense, shortage of sanitation-education-infrastructure, rising food prices, security... I could fill this blog with a list of a 1000 such demands. Yet we are so tolerant about it that I too like Aamir Khan's wife did - feel that this is no longer a place to bring up kids. But, no one wants to leave India. The hope for a better tomorrow may have diminished but has not really disappeared.

I may sound like a rambler, but it has been a year of emotional highs and lows. In a sense, the events of 2015 tried very hard to push the world to a brink. To a tipping point of sorts. Yet, the world did not tip.

There is a belief that 2016 will be no better, possibly worse. Plausible, but like 2015, the world will survive. Somehow, I get the feeling that maybe the world has had enough, and it's time for a push back. We may not see the good, but good is happening and it will show up,

Wish you all a very happy and peaceful 2016 and thank you for reading my thoughts.

Financial Terrorist - US Fed Rate Hike.

It's no longer a matter of debate anymore on the "will she - will she not". Janet Yellen, as has been stated by media around the world, will hike the US Fed rate and end the suspense that has gripped the financial world from the start of this year. While I keep hearing that the event has been "factored" by investment pundits in every country on mother earth, I am surprised at the visible and violent reactions caused in world commodity and financial markets at the very and every mention of a Fed rate hike. Such is its impact and terror.

She has been armed with enough  for justification of the same. It feels almost like a decision which has been reached to appease the current administration, rather than one that deserves merit. Almost like the rate cuts pleaded by our own Government with the Governor of the Reserve Bank.

The expectation is that the hike will be a modest one for now, akin to a straw at a time on the camel's breaking back, knowing well the damage even the slightest change can inflict. I wonder if it is politically motivated? President Obama does seem to have a vested interest. His signed in his first term during the chaos of the sub-prime crisis and would love to sign off the end of his second term as one of economic success, for the US at least. The Democrats would love to fight the next Presidential battle by calling Obama's policies deliverers of strong economic fundamentals, strong dollar, cheap oil, and bringing down the world on its knees - economically - including China and Russia - the two biggest threat perceptions for the US. China and Russia for all its might have had to assume humbler postures, the former already considering the possibility of un-pegging the Yuan from the Dollar to save its own currency and economy. From a global point of view, the US wanting to portray its own pink of health has thrown the rest of the world in a deep red. It won't spare its close and distant allies either with many European and Latin American economies also suffering.

It is to be seen what the US has in mind for saving the world in terms of investing in developing and emerging economies. I don't think any nation in its right mind thinks of US arms as an investment.

While the world is debating on how to control Donald Trump, refugees, terror and the climate, how is it going to deal with the financial terror that will unleash itself slowly but surely by way of further rate hikes in the year to come? It does not look like 2016 would be greeted as a happy new year by anyone other than those earning in dollars.

Ultimately, what goes around comes around and eventually the pain will return to where it started. I hope the situation will not be as grim. For all you know a modest hike may just be a small rap on the knuckles that the US wants to deliver to all and sundry to let the world know that it is still in charge - economically at least.

The term “terrorism” defined by The Dept of Homeland Security means any activity that—

(A) involves an act that—

(i) is dangerous to human life or potentially destructive of critical infrastructure or key resources; and

(ii) is a violation of the criminal laws of the United States or of any State or other subdivision of the United States; and

(B) appears to be intended—

(i) to intimidate or coerce a civilian population;

(ii) to influence the policy of a government by intimidation or coercion; or

(iii) to affect the conduct of a government by mass destruction, assassination, or kidnapping

The Indian Sub Prime - Dangerous

A couple of days back, I was at a friend's office, a big investor in the real estate market. In the course of our meeting, he had an important visitor, a prominent young real estate developer. He had come over to request the investor to help him source buyers "on paper" for an apartment he was building under one of the many deferred payment schemes. Caveat, buyer should be eligible for a housing loan.

The deal:

Picture credit 

The Developer would provide the upfront 10% to 15% amount to the buyer, which would be used by the buyer to pay the down payment and stamp duty and registration. The buyer would then get his loan approved from a bank designated by the developer. Buyer's interest only EMIs would be paid by the developer until such time possession was granted. Buyer would never take possession nor pay the balance equity (if any) as a side agreement would state that it was the developer's responsibility to flog off the apartment upon completion to a real investor/buyer. Since the quoted price would include the embedded interest and carry cost, there would be no real capital gain incidence to the buyer. As a fee for lending his good name and balance sheet, the buyer would get to keep an amount equal to the original equity (funded by the developer in cash most probably) from the sale amount received by the buyer. Everyone goes home happy.

At least on paper.

The buyer may assume zero risk, but ultimately it is he/she who is responsible for the loan servicing should shit hit the ceiling.

The buyer may also be forced to take possession on completion should the developer not find someone to buy the unit on completion. Given the existing surplus stock in the market, the scene may not play as per plan, given that the side agreement is not one that the developer would be too keen on registering.

The buyer may at some stage be asked to pay Income Tax on the loan related interest being serviced on buyer's behalf by a third party (the developer).

The bank may be happy to fund the home loan seeker (buyer), but does it know the real intent behind the developer and buyer agreement? Scary if not and very dangerous if it is in the know.

Well, it may appear to be a potential problem between the developer, buyer and banker. But, the bank is really giving away whose money? OURS mostly, the people unconnected with the transaction.

The developer of course is the only happy person. First, he gets rid of his cash stash (he is hopefully worried that the FM's taxmen will come looking for it). Second, he shows an inflated price sale on paper to keep the valuation of his company high - just in case he can attract private equity players or the public markets. Third, he really has no real default penalty other than loosing the 10% or 15% he routed to the buyer for the purchase. Fourth, he gets to borrow at some 10% rate of interest from the bank as against the 18% to 36% rate from private lenders and private equity. Fifth, there is no real reason for him to finish his project on time - virtually 80% of the staged payments are collected against the civil shell and only 20% held for finishing - whereas the time and costs are nearly in the reverse percentage ratio. Sixth and best, his borrowing has not attracted a personal guarantee or any lien on his company's balance sheet. Sheer genius.  

It is not the first time or the first developer doing this. It is something that is happening each day and the money grab is getting bigger and bigger.

That's not the end of it. I was shocked to hear that the same guy was looking at offering 30% to 40% discount on area market prices to bulk buyers for his ready projects. Except that, even at that discount no one was willing to bite the bait. Obviously, there is no down stream sale visibility for now. Is the realty market really that inflated?  If that is true then the builder community is in deep shit and will take a whole lot of people deep down into the cesspit.

There was a front page advert in a leading daily put out by an online property sales company stating "buy now - prices to rise soon". It's a different matter that the portal is owned by the leading daily, and the mother company of the same daily is probably the holder of the largest inventory of real estate given that it runs barter deals with almost every developer - Full Page Front Page ads against property.

Some may be lured by the free money from the developer and some fall for the marketing glib. But, the danger of an Indian sub-prime grows greater each day.

But what do we care. Our worry is how actor Salman Khan escaped a real life prison sentence and how intolerant the Nation has become. Surely, the revised Real Estate Bill will save us - right? Now there is another scary story in the making.

Charlie Hebdo meet Donald Trump

2015. What a year it has been. In January, masked gunmen attacked the Charlie Hebdo office in Paris, and shot dead 12 of its employees. A work of Islamist radicals opposing the lampooning of Prophet Muhammad on the magazine cover. Soon, the whole world was chanting "Je suis Charlie" in support of the publication and a message of condemnation of "Islamic" terror, but not Islam. The Muslim world was divided on its verdict. While a majority condemned the killings, there was near unanimity in the community that the publication was asking for trouble by being insensitive to the moral sensibilities of the world's largest practiced religion. Guess it made the non Muslim world interpret the condemnation as a forced lip service.

November. Another bad month for Paris this year. A serial attack by followers of what has now become the largest Islamist radical group - ISIS - killed some 130 people and injured hundreds more. Some of the perpetrators had been admitted into the European territory along with the many thousands of real refugees fleeing war torn Syria and Iraq. For many, the refugee situation is a creation of the bombing runs made by Europe and US to get rid of President Assad and the ISIS. The world was shocked. It was labeled as the next biggest attack on the West after 9/11. This time around, the Muslims stood up in majority to voice anger on the attack and in defense of the religion as one that does not support, nor needs the support of violence to speak for it.

A disturbed Europe suddenly began to show signs of slipping into a state of "Islamophobia" where every Muslim is being labeled either as a terrorist or terrorist supporter. The social media has become the center stage for a grand debate on the reasons for, and the danger of, the polarization of society along religious lines. Somehow, sane voices are being drowned by the noise of fear that keeps getting louder and clearer with each event.

Moving across the Atlantic, we reach the most hated "devil" nation for the Islamic world to which almost every Muslim wants to migrate to - America. The former blames the latter for all its woes, be it the control over oil, to supply of weapons to the highest bidders, or changing regimes to suit its interest and even waging a war to destroy the religion. Yet it is a magnet for the world, the land of opportunity, and not just for the Muslims.


Mr. Donald Trump, the leading contender in the US presidential race had stunned the world with his views on how immigrants from Mexico to China have reduced the greatness of the nation. His panacea for making America "Great" again - keep immigrants out. But, what was more shocking was that instead of being booed out of the race, his popularity has soared, probably reinforcing his own belief that he has caught the pulse of the voting population. Maybe, it is his rising popularity or the shooting in San Barnardino that prompted him to step on the gas pedal and motor mouth his latest view on banning Muslim immigrants into America to curb terrorism on its land. Nationality bashing is one thing but religious lashing is another. His words have fallen on the Muslim world like a nuke on Japan. While leaders around the world and Muslims who do business with Trump are distancing themselves from him and his remarks, he seems to be convinced about what he has said; and he is certainly not alone to hold that view. There are quite a few in America who feel that immigrants (meaning non white and non Afro-Americans) have messed up the Country. It's a different matter that most mass killings in the recent past in the US have been carried out by what constitute "The Americans" as is presumed by the likes of Trump.

There is joke circulating in India that a radical right winger group may gladly anoint him as its leader - should he fail to become the President, even though he has spoken out against Indian immigrants too. Jokes aside, will such thinking actually force greater radicalization and even greater polarization pushing the world to a brink?  Mr. Trump may not have slain a single person but he has succeeded in doing something worse, a far greater damage than any killing would achieve. What a way to end this year? My heart bleeds for what I truly consider as the greatest nation on earth. God, please save America from its own.    

Well, I am packing my bags for a holiday trip to North Korea. At least the ideology of the leader there is constant predictable.

With Right Intent Get Wrong Results

I guess the news mongers do not have too many good story leads now that the Mukherja couple is back on the front pages after a hiatus of a couple of weeks. The twist, it is the husband who is now in the spotlight, dammed by the evidence provided by his own son to incriminate the step mother. He did it for what he believed were the right reasons, but the result went all wrong, as it often happens with celebrated people.

Modi echoes Aamir Khan’s sentiments, 

says he’s already living outside India because of intolerance

Take the example of Mr. Aamir Khan. He expressed his personal view on “intolerance” at the Indian Express RNG awards ceremony for excellence in journalism. Without having understood the entire context of his statement, a part of an on stage interview, the hounds of politics and performers began to bay for what they are suggesting is his unpatriotic blood. I don’t know if the reaction to his statement took such an exaggerated turn because he is the second “Khan” to voice it, the first being Mr. Shah Rukh Khan (he subsequently denied his statement). Maybe there was ascare in their mind that the growing tribe of famous Khans would also like tooffer their own angle to this topic, which may well end up as a verbal epidemicof sorts.  I also don’t know if Aamir intended it, but he must have joined the super elite Rs. 1,000 crore club for free media publicity, even if most of it was negative.  Maybe an enterprising movie maker may be prompted to make a movie titled “My name is is Khan and I am not as tolerant of intolerance."

In defending India’s tolerance quotient, most of the voices being heard are doing just the opposite. Unfortunately, it is the world that is watching, reading and hearing all that is going on in India, and I don’t think anyone is finding this “Tamasha” (performance) one bit tolerable (just like the movie).

Speaking of global view on intolerance, a nation’s right to defend its boundary may have put the world at the cusp of a third world war. Turkey’s shooting down of a Russian fighter bomber in what it called an air space incursion sent shock waves around the world.  Guess the whole world must have celebrated Thanksgiving on the 27^th of November (a day after USA) for Russia showing extreme tolerance in not having roasted Turkey.  I don’t think Turkey’s leadership feels the same way.

The Russian fighter was on its way to bomb some ISIS targets in Syria, and if press is to be believed, target information is being exchanged between Russia, France and USA. Obviously, Turkey being a member of NATO should have been in the know of it too. At least Mr. Putin thinks so. Russians claim that the real reason for Turkey to act the way it did is because of its trade collaborating with ISIS. That’s a strong accusation, but one that would appear plausible based on the limited trade routes available to ISIS for pushing oil in the grey market.  

While beef, has been the major culprit for sparking off the debate on the visible intolerance levels in India, bombing of civilians has been responsible for festering intolerance in the Middle East and Europe. The downing of the Russian Metrojet over Egypt and serial bombings in Paris, both claimed by ISIS has created a very scary situation in the region with an obvious economic and political consequence for the whole world. One that will make the global grief inflicted by Greece and China appear as mere blips on history’s timeline.

I think ISIS is the only entity that has acted with wrongintentions and got the right results for itself. The bombers of Metrojet and Paris were carried out primarily by ISIS agents of Egyptian and European origin. Yet, rather than weeding out the sleepers within, the international military effort has been directed to weed out the ISIS brains based in Iraq and Syria. The over destruction of both right and wrong targets there have impacted innocent civilians, who in turn, braving all perils – death included,  are rowing their boats to the very nations that bomb them. The refugee influx in turn is driving up resentment ( I call it plain and simple intolerance) within the nations accepting them for socio-economic-political reasons. The resentment levels have reached a point where the people belonging to the world’s largest faith – Islam – have now to justify that all Muslims are neither terrorists nor ISIS supporters on social media and other forums.

There is a hope in the minds of those who have donned the black uniforms that someday soon this growing intolerance between the Muslim and Non Muslim world will reach a flash point, intentionally or accidentally throwing humanity back into a dark age like the period of the crusade.  We are pretty close to that point.

Incidentally, the beef issue seems to have been given the hiatus for now. Maybe it did not serve any purpose after the Bihar elections.  The issue going forward in Bihar is booze. The new CM wants to ban it. Going by trending news, even the intolerance issue may give way to a debate on the Nation’s Constitution on the subject of “Secularism”. In all this mess, there seems to be one sane voice, finally, that of the Prime minister. He conveyed that he would like to administer the Nation through consensus rather than forcing the majority view. Now that is a truly tolerant and secular act. But, it too seems to have been prompted with the right intent but may end up with a possible wrong result.

I don’t know how media will interpret it in the days to come. Until then the Mukherjea saga will serve more as a commercial ad break. 

Cheers MARRIOTT star*WOOD

Within 24 hours of the press breaking the news about the Starwood buyout by Marriott, SPG (Starwood Preferred Guest) members (me included) received an email captioned "Important SPG Announcement". I thought, being a member, I would get one from Marriott Rewards too, but did not. Maybe as the buyer, it expected it's members to know that there is no change except a lot more options  in the near future.

I like the Ritz and JWs, but St.Regis and W are really the ones close to my heart. I thought it was good of Starwood to have shared the news, and the benefits that the members will accrue, by staying loyal to this new hospitality Hercules that now controls 1.1 million rooms in 5500 hotels across some 30 brands spanning 100 countries. Correctly stated somewhere, the number of members (loyalty program) in the combined entity may not change much as most of the 54 million Marriott members (me included) may also be part of the 21 million SPG members list. But as a member, am I really delighted with this Goliath?

I have always found the Marriott program a miser when it comes to rewarding members. SPG at one stage (until a couple of years back) was ahead in the game, and my number one choice. Lately, I have not used it much, as it has slipped in its generosity too in terms of stay points, rates and redemption offered. My first choice today is Accor. It offers a discount based on tier to its members. I also like the fact that Sofitel offers the second room being booked under the same name at a 50% discount for use by family. I wish all hotel brands would follow that guideline for rooms that restrict occupancy to a maximum of  3 persons.

If the news of Paris attacks had kept the entire world in a debate mode, the buy out news on the 16th must have put the global hospitality fraternity in a state of contemplation on the several what - how - who - when - where will questions. I am sure the management of both these companies would have thought it through. But, as always, those least concerned are always the most inquisitive. I read up all the news I could. What interested me though was the fact that the buyout cost Marriott US$ 12 billion to create the world's largest hotel chain; whereas the former No. 2 (now No. 3) - Hilton was acquired by Blackstone for US$ 27 billion. Hilton is half the size of Marriott-Starwood combo in terms of rooms controlled. Maybe this comparison does not meet the apple to apple standard - based on assets owned versus managed; but in this day and age of going asset light,does the number of hotels owned really matter? What really does matter is the marketing and management infrastructure along with the loyal customer base and free cash flows for brand, product and market development. This deal scores on all fronts. If there is a negative, then it would be the merger of cultures. Going by history, merging brands is nothing new to both companies and I am quite sure that the integration would be pretty smooth too.

Would the hospitality world see more consolidation? Is it the brick and mortar response to go into a lean mean mode versus the light weight high valuation Unicorns disrupting the tranquillity of this segment? Or is this a sign of overcrowding in correction mode? All interesting thoughts to keep us strategists busy till end of year.

More interesting from the India perspective was the fact that 3 Chinese companies were in the fray for buying out Starwood. There are quite a few Indian homegrown brands looking for an exit, and maybe the owners should book a seat to the neighbouring Country asap and speak with the prospective buyers. Acquiring Indian hotel brands would not cost those companies much more than the rounding off error on their balance sheets. In the next few years, China may become India's largest tourist partner, and this suggestion would well work as a win win for all concerned.

With some 13,500 rooms across 13 brands present in India, the combined entity edges out Taj (13200 rooms) to grab the pole position in the Indian hotel circuit. Much of the inventory held by it is in the luxury and mid market space, and future growth too would probably stay in that band. Ahem! just to shake the podium a bit, as per Forbes, OYO rooms controls 14,000 room across 100+ Indian cities. But for most old school hoteliers in India, OYO does not count; just like AirBnB's inventory of 1.5 million units across 190 Countries in 30,000 Cities and Towns does not matter to big hotel brands.

But then again, with the "IndiaStory" dimming once more with the global slowdown, I wonder if OYO will be able to sustain its growth speed? With the Venture Capital money taps dripping now, based on failure by most investments to meet milestones; the street is already talking of "Unicorn" deaths, and OYO's name happens to be in that list. I can also see signs of potential capital squander (just like what happened in the dotcom and realty segments in 2000 and 2007 respectively) with funded companies using money to do allied businesses rather than focus on building core strength.

Talking about money power, ITC hotels is one that has tons of  long money for deployment. It has had a long and happy stint with Starwood and a shorter (not so happy) association with Marriott. Now that the equation has changed, will it stay or exit the association? If it does exit then the room count may once again need to be computed to see who stays number one. Consolidation may actually be the way forward for the industry. If the industry agrees to that philosophy, then, will cash rich ITC look at buying out Indian hotel chains in the luxury or mid market segment?  Possibly. Would chains like Leela and Lalit be open to mergers with each other or with ITC and/or Oberoi? Guess no chance. Taj's finances are not at its best to be an acquirer at the moment. It is on an asset sell off mode and on the path of following the sell and manage model. In the last 20 years, none of the Indian hotel chains have been successful in creating a remarkable presence overseas. To add some salt to the wound, the growth of the big 5 Indian brands in the native market too has been slower than that of the foreign brands and emerging home grown ones. Lethargy to change or just too comfortable or run out of steam? It's time for some serious think through within the industry before the players fall over each other.  But why am I discussing this?

For now, it's time to say CHEERS to this marriage of two greats. Looking forward to some bubbling times ahead.

On Air with AIB - The Joke's on Us.

Fortune truly favours the brave. It was the start of 2015, and the AIB (All India Bakchod) team nearly got roasted themselves with various factions demanding their arrest or severe punishment following a  very controversial "Roast" hosted by them. There was nothing really controversial, and nothing really there for anyone to jump in their seats either. But, it did upset many. Maybe, it was our first tryst with intolerance. In this case what one could or could not laugh at. If the humour in the roast was classified as vulgar and needed strict censoring, then most Bollywood movies would be abridged to a 30 minutes run at best. Well, the AIB boys just sat back and had the last laugh as the matter kept hogging news space for quite some time after the event, and let's not forget the the millions of hits the show got on social media.

Can you believe this news item dated October 15, 2015:

AIB Roast: Seven months on, Mumbai Police to call Ranveer Singh, Arjun Kapoor and Karan Johar for questioning 

Well, the AIB team should not be complaining one bit. As a recognition of its bravery to take on the system comically, and ability to garner support from much of the youth population, the mobile and internet channel of Star TV "Hotstar" has signed it for a weekly news parody show "On Air with AIB". The theme is comedy in tragedy. My teens are already hooked on it, and while I am not the biggest fan, I do keep up with the episodes. The topics highlighted are right and the humour tame enough to be laughable yet keeping the boys out of what they are best at - getting into trouble.



If I was a sooth, I can for certain say that in a year or so, AIB would be eligible to form its own political party. All they have to do is have one of them arrested and the next thing you know would be a massive protest, candle light vigil, hunger strike, invitation to them by various politicians to join them, news channels and media covering them on main stream TV and national maybe international newspapers, human rights commission and NGOs running a save AIB campaign. Possibilities are endless. They are already giving the ugly eye sore posters and billboards put up by "chamchas" (ass kissers) of various politicians looking to climb the party ladder. At least, the AIB posters are humourous.

If the AIB team is harbouring such an ambition; that is, climbing the political center stage, then it would have to push people to take action on the issues being highlighted and not just laugh it off. Else, at the end of the day, the Joke is on us, and if we haven't already realized it, we are also being readied for a roast in the times to come. I read this article appearing on:

Nov 15 2015 : The Times of India (Mumbai)

SWAMINOMICS - India is more sensitive now, not more intolerant

by SWAMINATHAN S ANKLESARIA AIYAR

Interesting read, but I think, by and large we have become sensitive and intolerant to the wrong issues, and humour is one way of correcting it. With AAP (Aam Admi Party having joined the league of true politicians - talk big achieve nothing) maybe it's time for AIB to put its best foot forward.